Bulls rank 4th on Forbes' list of most valuable NBA franchises

The Bulls are worth $2.9 billion, according to Forbes, and rank fourth on the financial website’s list of most valuable NBA teams for the third straight year.

The Knicks topped the list for the fourth straight year, with the Lakers at No. 2.

Advertisement

But the Bulls have one advantage over those two teams: They’re the only game in town.

“The Bulls are down on the court right now, but they’re still an elite franchise and in the biggest market of owning it by themselves, with L.A. and New York both having two teams,” Forbes senior editor Kurt Badenhausen told the Tribune on Wednesday. “Profitability continues to be very high for the franchise. They’d be a very attractive asset if they ever hit the market.”

The Warriors were third at $3.5 billion and the Celtics fifth at $2.8 billion as the top five was a repeat of 2018.

The Bulls’ value rose 12 percent, a point lower than the average increase among NBA teams.

“In the beginning of the decade, more than half of the NBA teams were losing money, and now the average operating profit is double the level it was two years ago,” Badenhausen said in a company statement. “Teams have benefited from the NBA’s $24 billion TV contract with TNT and ESPN, which kicked off with the 2016-17 season, as well as the collective bargaining agreement reducing the share of revenue players receive.”

Local TV contracts also have propelled several teams in recent seasons. The Bulls start a new TV deal with NBC Sports Chicago next season.

“The Bulls secured a very competitive rights fee in this environment, which right now is very bullish on NBA teams,” Badenhausen said. “Their deal’s going to continue to be one of the top deals in the NBA. It’s not up there with the Knicks and the Lakers, who are off by themselves, but it’s in that next group of teams.”